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3,773,715

:

Other Capital Liabilities.
The Liabilities were reduced :-

By the operation of Terminable Annuities
By the redemption of Exchequer Bonds :-
Under Cunard Agreement (Money) Act, 1904

Capital Expenditure (Money) Act, 1904

Telephone Transfer Act, 1911
Under the Anglo-Persian Oil Company (Acquisition of Capital)

Act, 1919
Under Unemployment Insurance Acts, 1921
By Excess receipts of the Pacific Cable Board

130,000 1,534,300

341,100

978,923 2,400,000

20,762

9,178,800

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* Net Increase of Gross Liabilities in 1922–23 (as on page 4).. £100,199,599

* The increase in the Nominal Gross Liability was not due to the borrowing of fresh cash, but to the following, among other causes :Increase of nominal debt on conversion of :Exchequer, National War and Treasury Bonds into 3} per

£ cent. Conversion Loan

127,864,564 5 per cent. National War Bonds into 45 per cent. Treasury Bonds

386,768 54 per cent. dollar Notes and Bonds into 5 per cent. National War Bonds

2,485,284 Capitalisation of arrears of interest on U.S.A. Government Loan 107,914,036

Treasury Chambers.

December, 1923.

PART I. (CAPITAL ACCOUNT).
RETURN showing the Aggregate Gross Liabilities of the State as represented by

TERMINABLE ANNUITIES, UNFUNDED DEBT, and other Liabilities in respect of
Financial Year, from 1913-14 to 1922-23, both inclusive.

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† The Exchequer Bonds issued under the Capital Expenditure (Money) Act, 1904, for the purposes of the Naval and Military Works Acts, under the Cunard Agreement (Money) Act, 1904, and under the Telephone Transfer Act, 1911, are not included in the Unfunded Debt (Cols. 3 and 4), but in the other Capital Liabilities (Col. 6.)

| Funding Loan and Victory Bonds to these amounts were tendered for Death Duties under 9 & 10 Geo. V., c. 37, and are held by the National Debt Commissioners until drawn or paid off (see Appendix IV.). They are therefore included both in the columns for Liabilities and in that for Assets.

NOTE.-A reference to Appendix IV. will explain

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Part I. ' (CAPITAL ACCOUNT). the NOMINAL AMOUNT of FUNDED DEBT, Estimated Capital Liability in respect of DEBT; the Estimated Assets and the Exchequer Balances, at the close of each

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Detailed Statement of OTHER CAPITAL LIABILITIES created or redeemed, together

from 1913–14.
[Note.—The charges under the Cunard Agreement (Money) Act, 1904, the Anglo-Persian Oil Company

Insurance Acts, 1921, were, so far as they were not met from cognate receipts, borne on the
Pacific Cable Board and those for all remaining services were borne on Votes.)

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Created

7,961,474 1922

Redeemed 874,329 600,478 1,371,046 276,700 35,108 35,759 7,844 9,551 ( Outstanding 9,561,911 4,423,917 23,985,274 1,189,201 277,088 1,473,353 316,598 346,283 Created

7,010,000 1923) Redeemed 1,648,158 1,405,284 1,565,559 284,705 36,162 54,180 8,060 9,813

Outstanding *7,913,753 *3,018,633 29,429,715

904,496 240,926 +1,419,173 308,538 336,470

* Soe Note I on page 15.

+ See Assets on page 15.

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